The bill S. 414 is a joint resolution introduced by the Senate Banking and Insurance Committee, which seeks to approve the regulations set forth by the State Board of Financial Institutions regarding the declaration of dividends by state-chartered credit unions. Specifically, it pertains to Regulation Document Number 5286, which aims to clarify the existing legal language in Section 34-26-710 of the South Carolina Code of Laws. The resolution indicates that these regulations have been submitted to the General Assembly in accordance with the provisions of Article 1, Chapter 23, Title 1 of the South Carolina Code.

Upon approval by the Governor, this joint resolution will take effect, thereby formalizing the clarified regulations for credit unions in South Carolina. The proposed amendments were previously published in the State Register, with a Notice of Drafting released on June 28, 2024, and the Proposed Regulation published on August 23, 2024.